Fuel prices hiked again amid Bharat Bandh against price rise

Since mid-August, petrol price has risen by Rs 3.24 a litre and diesel by Rs 3.74 per litre as rupee hit record low against the USA dollar, making imports costlier. This increase in fuel prices again today comes amid the ongoing nation-wide bandh organised by the opposition parties today.

Elsewhere in Maharashtra, the price of petrol was over Rs 88 per litre, and that of diesel around Rs 76 per litre, the All India Petrol Dealers Association (AIPDA) said.

Rahul Gandhi-led Congress party has called the Bharat bandh today. "Now, the crude oil costs $70 per barrel, but the Centre is increasing the petrol and diesel prices abnormally every day", he said. Both petrol and diesel prices have been at their all-time high in the country for around a week now, due to increase in crude oil prices and depreciation in the rupee against the dollar.

"As a stable economy, as the fastest growing major economy, let's not give any knee jerk reaction, let's wait", the minister said on the sidelines of the Global Mobility Summit "MOVE" here. In Hyderabad, petrol costs Rs 85.60 and diesel Rs 79.22. The government is yet to disclose such a strategy.

Similarly, petrol is being sold for ₹83.54 per litre in Chennai and the diesel retail price is ₹76.64 per litre. Oil marketing companies (OMCs) raised petrol and diesel prices across the four metros cities. On Tuesday, former Finance Minister P Chidambaram had tweeted: "Relentless rise in prices of petrol and diesel is not inevitable". However, Finance Minister Arun Jaitley denied the request saying worldwide oil prices volatile and haven't shown any linear movement.

Similarly, the price build-up of diesel in Delhi includes excise duty of ₹15.33, dealer commission of ₹2.51, and Value-Added Tax of ₹10.46(including Value-Added Tax on dealer commission).

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